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12° Nicosia,
13 July, 2024
 

Construction materials at their highest costs in 2022

Increases of up to 45%

Source: CNA

Construction material prices historically reached their highest level in 2022, surpassing the previous record set in 2021, with prices increasing by more than 11% year on year in December alone.

In 2022, annual price increases in construction materials ranged from 22.92% for structural steel to 45.41% for PVC doors and windows.

According to Statistical Office data, the Construction Materials Price Index for December 2022 stood at 133.62 points (based on 2015=100), a 0.24% decrease from the previous month and an 11.67% increase from the same month in 2021.

By primary product category, only increases in minerals (13.43%), mineral products (12.18%), wood, insulation, chemical, and plastic products (11.57%), metal products (11.21%), and electromechanical products (10.25%) were noted in December 2022.

Additionally, the index increased by 17.21% from January through December 2022 compared to the same period in 2021.

According to the Statistical Office, the price increases of the materials listed below are primarily to blame for the index's increase in 2022 compared to the previous year: PVC doors and windows (45.41%), bricks (30.08%), road asphalt (29.24%), plastic pipes (28.51%), structural mesh (28.12%), construction iron (27.74%), iron railings (26.40%), aluminum doors and windows (25.25%), roofs/sheds, and metal parts for plasterboard and drywall

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Cyprus  |  construction  |  building  |  economy  |  inflation

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